The Consumer Finance Association (CFA), the trade body that represents some of the largest payday lenders in the UK, has welcomed the latest Business, Innovation and Skills Committee report into Debt Management which looks at payday loans and commercial debt management companies. Commenting on the report, John Lamidey, chief executive of the CFA, said: “The CFA welcomes any move which promotes best practice and responsible lending in the payday industry, so we fully support the recommendations in the report. However, we believe that significant progress is already being made to improve standards in the industry through other research and governmental reviews that are currently underway and that the report’s recommendations need to be considered in the context of these developments

“The CFA and its members are actively participating in the BIS research into total cost of credit and are also working proactively with the Office of Fair Trading on its review of payday lenders, which was announced recently. We are also engaging with HMT and BIS on the future FCA regulatory model. All of these initiatives will have a significant bearing on enhanced consumer protection and will help to stamp out malpractice; something which we are keen to assist with in any way....Read more here--: CCR Magazine - BIS Debt Management report welcomed by CFA

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